Just this morning, NVIDIA shared their new Tegra 4 mobile powerhouse chip at CES, and although this is a very exciting new development, it was not unexpected. In fact, we new (and shared) that it was coming out at CES several weeks ago. However, NVIDIA wasn't done sharing new tech. In fact, the second bit of news they shared turned out to be a huge bombshell.

Apparently, NVIDIA has been developing a new product called Project Shield that is a new Android-based handheld portable gaming console. This new portable gaming device includes a console-style controller with built-in speakers, a 5-inch flipping display powered by the new Tegra 4 processor, and can actually stream games to your HDTV wirelessly.

Additionally, it will come stock with Android 4.2 Jelly Bean and supposedly provide up to 38 hours of gaming before needing to recharge the batteries. Lastly, the device goes a step further than that, and can actually be used to stream your PC games (provided they match certain specs) wirelessly to your HDTV, and this is all done through your PC's Steam account.

What can we say about this, but WOW?!? Here's a video and a press release with some more details,

NVIDIA Untethers Gaming with Project SHIELD

Gaming Portable for Open Platforms Designed for Gamers
to Play When, Where, How They Want

LAS VEGAS—CES—Jan. 6, 2013—NVIDIA today announced Project SHIELD, a gaming portable for open platforms, designed for gamers who yearn to play when, where and how they want.

Created with the philosophy that gaming should be open and flexible, Project SHIELD flawlessly plays both Android and PC titles. As a pure Android device, it gives access to any game on Google Play. And as a wireless receiver and controller, it can stream games from a PC powered by NVIDIA® GeForce® GTX GPUs, accessing titles on its STEAM game library from anywhere in the home.

“Project SHIELD was created by NVIDIA engineers who love to game and imagined a new way to play,” said Jen-Hsun Huang, co-founder and chief executive officer at NVIDIA. “We were inspired by a vision that the rise of mobile and cloud technologies will free us from our boxes, letting us game anywhere, on any screen. We imagined a device that would do for games what the iPod and Kindle have done for music and books, letting us play in a cool new way. We hope other gamers love SHIELD as much as we do.”

Project SHIELD combines the advanced processing power of NVIDIA Tegra® 4, breakthrough game-speed Wi-Fi technology and stunning HD video and audio built into a console-grade controller. It can be used to play on its own integrated screen or on a big screen, and on the couch or on the go.

Tegra 4 at Its Heart
At the core of Project SHIELD is the world’s fastest mobile processor, the new NVIDIA Tegra 4, which delivers enormous power from its custom 72-core GeForce GPU and the first quad-core application of ARM’s most advanced CPU core, the Cortex-A15. These, combined with its battery-saver core and energy-saving PRISM 2 technology, deliver hours of gameplay on a single charge.

Windows and Android Games
Windows and Android are the world’s most successful computing platforms, with massive ecosystems of system and software developers. While not specifically designed for gaming, both open platforms have drawn gamers by the millions. Project SHIELD is designed to allow them to enjoy Android and Windows games in a new, exciting way.

Project SHIELD can instantly download Android games, including Android-optimized titles available on NVIDIA’s TegraZone™ game store, which has already delivered more than 6 million downloads to gamers. It can also be used as a wireless game receiver to a nearby PC equipped with an NVIDIA GeForce GTX 650 GPU or higher.

Console-Grade Controller
Project SHIELD’s ergonomic controller was built for the gamer who wants ultimate control and precision.

Tuned Port, Bass Reflex Portable Speaker System
Deep, rich audio is critical for a great gaming experience. And Project SHIELD provides fidelity and dynamic range never before available on a portable device, through its custom, bass reflex, tuned port audio system – with twice the low-frequency output of high-end laptops.

Project SHIELD can also access Android apps such as Hulu, Netflix and Slacker Radio, so users can enjoy their movies and music anywhere without expensive, clumsy wired or wireless speakers.

Support by Leading Industry Analyst
Patrick Moorhead, president and lead analyst at Moor Insights & Strategy, said: “The market has waited years for a breakthrough gaming device that offers the flexibility, quality and total enjoyment of Project SHIELD. Few companies other than NVIDIA have the vision, guts and deep gaming experience to have pulled this off.”

Support by Leading Game Developers
Yves Guillemot, co-founder and chief executive officer of Ubisoft, said: “Ubisoft is always excited about new hardware developments, and Project SHIELD promises to bring both mobile and PC gamers a great new gaming experience. Seeing the PC version of Assassin’s Creed III run on the device is a great example of this, and further strengthens Ubisoft’s long-standing relationship with NVIDIA.”

Mark Rein, vice president and co-founder of Epic Games, said: “With Project SHIELD, NVIDIA brings an uncompromising, high-performance console experience to mobile devices. Amazing games including Real Boxing and Hawken, which utilize the latest Unreal Engine technology, look fantastic on Project SHIELD. This is just the beginning, and we're truly excited to see what more Unreal Engine developers will do with so much horsepower in such a compact gaming device.”

Bill Wagner, chief production officer at Meteor Entertainment, said: “Coming from the openness of a PC platform, we love how accessible Project SHIELD is, and the flexibility it gives gamers everywhere. Project SHIELD gives us the cutting-edge ability to bring a huge free-to-play PC game like Hawken to the handheld gaming audience.”

Support by Broader Industry
“Shadowgun and Dead Trigger showed how Tegra can redefine mobile gaming on Android. Project SHIELD’s performance has allowed us to bring an even better experience with Dead Trigger 2, debuting first on Tegra 4 devices. Our fans are going to love it.”
– Marek Rabas, chief executive officer of MADFINGER Games

“Project SHIELD has changed how we approach mobile game development. Tegra 4 helped us create Bloodsword – a new game debuting with the highest resolution textures, graphics and shading we’ve ever seen on a portable device.”
– Seunghee Do, co-founder at OneQ Soft

“We are very excited to be part of Project SHIELD, and are quite amazed by the gaming potential of this device. Project SHIELD is by far the fastest mobile device we’ve worked on and it lets us put console quality graphics on a handheld device.”
– Stine Waern, chief executive officer at Ravn Studio AS

“Thanks to Project SHIELD’s performance, we’re able to use the same quality textures and shaders in Rochard as on the PC version. We’re super excited to bring Rochard to Project SHIELD, the first time it’s ever been playable on a mobile device.”
– Jan Achrenius, chief executive officer at Recoil Games

About NVIDIA
NVIDIA (NASDAQ: NVDA) awakened the world to computer graphics when it invented the GPU in 1999. Today, its processors power a broad range of products from smartphones to supercomputers. NVIDIA’s mobile processors are used in cell phones, tablets and auto infotainment systems. PC gamers rely on GPUs to enjoy spectacularly immersive worlds. Professionals use them to create 3D graphics and visual effects in movies and to design everything from golf clubs to jumbo jets. And researchers utilize GPUs to advance the frontiers of science with high performance computing. The company has more than 5,000 patents issued, allowed or filed, including ones covering ideas essential to modern computing. For more information, see World Leader in Visual Computing Technologies | NVIDIA.